While Brexit or Britain’s breakaway from the European Union is seen to intensify global risk aversion, the Philippines—along with a handful of Asian markets—remains attractive to equity investors, investment experts from British banking giant HSBC said.

“We believe Asia will stay relatively resilient to withstand the Brexit headwind, and we also believe that relatively limited direct trade of Asia to the UK should provide cushion in terms of market drawdown driven by this external shock,” Fan Cheuk Wan, HSBC head of investment strategy, said in a recent press briefing.

Following the British memorandum that favored Brexit, HSBC slashed overall equity allocation for equities in line with the shift to a more “defensive” strategy.